The blue-chip index ended the day up 373.05 points, or 1.39%, while the S&P 500 gained 0.64% and the Nasdaq Composite increased 0.52%.
Markets were impacted by Johnson & Johnson's announcement that it had reached a deal with the U.S. government to produce and deliver 100 million doses of a potential COVID-19 vaccine.
Johnson & Johnson stock rose .8% following the announcement and Novavax stock rose 10.38% after the company announced its vaccine candidate had generated favorable immune response results following clinical trials in Australia.
Moderna stock fell 3.39% however after the company announced it would charge $32-$37 per ounce for its vaccine candidate, a higher price than Pfizer and BioNTech have agreed to with the U.S. government.
Airline stocks also received a boost after Senate Republicans supported providing an additional $25 billion in federal aid for the industry.
American Airlines stock increased 9.50%, United grew 4.46% and Delta rose 3.12%.
Disney also helped to push the markets higher as stocks rose 8.8%, after the company announced it has 100 million subscribers across its streaming services, including Disney+, Hulu and ESPN.